Aspire Global Group announced that the organisation had reached a € 13.7 million retrospective settlement with the Israeli tax authority. The matter concerns a previously disclosed tax audit related to the group entities ‘ management and control jurisdiction, permanent establishment and transfer pricing.
The gaming software provider has agreed to pay the € 13.7 m amount in retroactive tax for the 11 fiscal years 2008-2018, stressing that “the resolution brings an end to all related investigations into the company.”
The additional tax payment will be reflected in the group’s accounts for 2019 as an extraordinary amount, with the agreement with the Israeli tax authorities:
- Aspire Global will pay an additional tax of approximately €13.7 million related to the 11 fiscal years 2008-2018 (inclusive).
- No penalties are to be imposed as a result of the audit.
- The agreement covers the entirety of the group’s activity in Israel.
The business commented in a media statement: “This additional tax charge will be reflected as an exceptional item in the group’s accounts for 2019 and the payment is expected to be made in the next couple of days.
“The settlement with the ITA was actively chosen over a lengthy period of uncertainty. The group’s financials remain strong despite the agreement and per September 30, cash amounted to €43.1m.”